TWINO Group reaches EUR1bn loans issued
European peer-to-peer lending marketplace TWINO Group has reached a funding milestone of EUR1 billion loans issued since its inception in 2009, with half of the loans issued in the past three years.
TWINO, which offers investors the chance to earn premium returns from unsecured consumer loans, now has almost 20,000 active investors from over 30 European countries. Twelve per cent of TWINO’s investments are UK-based, making its UK investor base the second largest only after Germany (33 per cent). UK investors have already earned more than EUR1 million in interest and earn on average a market-leading return of more than 10 per cent per annum.
Latvia-based TWINO Group has also announced a change in management, appointing former CFO Anastasija Oleinika as the new CEO, replacing the former CEO and founder, Armands Broks. The change in management will help to strengthen the company's financial, operational and risk management, while founder Armands Broks will focus more on the development of new business opportunities, as well as attracting new talent and supporting the local ecosystem.
Anastasija Oleinika has worked at TWINO for almost three years, managing the Group’s finance as well as its business operations during the past year. She has also managed TWINO’s operations in Russia, one of the largest TWINO lending markets. Anastasija has extensive experience in financial management, having worked on several M&A deals at SEB Enskilda and Superia Corporate Finance prior to joining TWINO.
Over the past 10 years, under the leadership of Armands Broks, TWINO has become one of the largest financial technology firms in Europe, serving over 1.5 million customers. In 2018, its consolidated net profit reached almost EUR9 million. TWINO Group’s turnover increased by 157 per cent year-on-year, reaching EUR90 million in 2018. Its equity reached EUR15 million and cash totalled EUR8.1 million.
Anastasija Oleinika, CEO of TWINO Group, says: “Reaching the EUR1bn milestone is significant for us, and is reflective of the business’ continued growth and expansion. The restructuring process we started in 2017 has brought the expected results in a very short time, and our financial results are testament to this.
European fintech is revolutionising the way people view and manage their money, and we are proud to be driving this renewal of trust in financial services. As the market evolves, we are continuing to develop and expand our product range to meet customers’ changing needs and preferences. This will involve strengthening our data science and IT capabilities and expanding our team of financial technology experts.”
Armands Broks, founder of TWINO Group, says: “We’re delighted to have Anastasija leading the team at this important time in the company’s growth. We’re currently working on a number of new business developments and are evaluating opportunities in new markets, most notably Asia in the next year.”